There are about 150 banks in Panama and they come in several flavors. One is the offshore bank that can only do business with entities not in Panama. There are banks that can only do business with entities in Panama and then there are banks that can do business with those offshore as well as those entities within Panama. In addition there are Savings and Loans (like a Building Society in UK) which operate like banks except they must invest 70% of their long term deposits in Panama real estate with appropriate controls.
If you are not living here and just walk in to your local bank on the corner I doubt you will get an account opened no matter what country you are from. If you own or rent a home here then things are different. You should have a cell phone number, a regular house phone number, a mailing address (mail does not get delivered to your house in Panama, you need a mail box), a good reason as to what you are doing in Panama like retired, a bank reference from your home country (states how long you have had an account, average balance and that you are in good standing), reference letter from local people who know you, and a reference letter from lawyer or accountant back home. Then add in your passport and drivers license and you should be good to go with a letter explaining your source of funds such as commissions, savings, proceeds from house sale, etc. It would be a real bad idea to try to open an account with a cash deposit instead use a wire transfer from your home town bank. Do not make any substantial cash deposits as this would be a warning flag. Checks from USA will take 3-4 weeks to clear. You are not allowed to write Panama checks outside of the country. They will give you a Visa or MasterCard Debit Card readily with your account. Most banks have Internet Banking.
If you get a residency first before opening the account it will be easier and all these references may not be needed. More on Visas, Residency and Citizenship can be found here.
Privacy and Banking in Panama
Panama has serious bank secrecy laws. Your money here is safe from lawyers and others who wish to abusively take it away from you. Collecting a civil debt from another country in Panama is close to impossible, don't plan on it happening. A government trying to get at your money has numerous difficulties. First it must be a national government. Next it has to involve a criminal case on file in their court system. The equivalent of their Justice Department contacts the State department and through their consulate in Panama papers are filed according to the MLAT (Mutual legal Assistance Treaty) by their consulate in Panama with the Panama Government. The papers are reviewed and questions in return are filed along with requests for more information. Thus the dance begins and can last years. If the request is lawful the information will eventually be supplied. Sometimes the country which the bank is located in may themselves get interested thinking a crime may have been committed in their country let us say, and they may seize the records and keep them for a long time while they do their investigation.
Your money here is safe from lawyers and others who wish to abusively take it away from you.
The MLAT is a process that the USA would like to play more of but other countries are generally sick and tired of it and do not like it at all. If you are a criminal and they are after you they will eventually have the bank records and even get the money seized. A fun trick the USA plays is once they find out how much money their target has and can justify to their courts confiscating it, they then confiscate this amount from the offshore banks correspondent bank in the USA telling the bank to take the money back from so and so depositor who was their target. If in the interim from the time the USA has the bank records and made the seizure against the correspondents bank account the depositor took all or part of his money out of the bank and the USA took the full amount away, the bank would be in the position of trying to get the USA to return the money which probably would never happen or if so years later after a court battle that would cost a fortune. So now many people have taken to keeping their funds in Euros or non dollar denominated accounts so the USA can't possibly say the money on deposit in America is theirs in whole or part. With few exceptions Panama Banks only have dollar accounts.
For more information, please visit:
Related Tags: money, business, panama, panama banking, offshore real estate, offshore banking, legal, retirement planning, retirement plan, offshore realestate, offshore business, offshore assets, assets protection, offshore investments, panama law
The author is a researcher, with years of experience in finances and real estate.
For more information, please visit:
Recent articles in this category:
- The No. 1 Rule For Projecting Confidence - Speak With Authority
One of the most important characteristics a person can project in a business setting - or any situat
- After the Autumn Checkout European Debt Crisis and U.S. Brewing Rebound
In the commotion caused by the Fed on interest rates come to an end, the "disastrous" for the euro a
- Advantages Of Arcade Game Rentals
There are many different advantages to arcade game rentals. Most people need something to release th
- A General Primer on Truck Cargo Nets
In modern highways it is quite rare to see truck cargo nets in action, this is because they are usua
- The United States Will Burst More Severe Financial Crisis
Not long ago, suddenly announced that the central bank to raise interest rates, the interest rate hi
- Niche Marketing Profits - 3 Easy Steps to Finding a Profitable Niche Market Income in 10 Minutes
Like most beginners I was having a very difficult time trying to find a niche market to earn extra m
- The Importance of Hospitality Management Consulting Firms Toronto
Businesses and the managers that help guide any business are in a constant state of improvement and
- New Keynesian Theory Label
2010 winner of the Nobel Prize in Economics three theories have been labeled as "New Keynesian" labe
- Federal Reserve Pouring Money QE2 Unpredictable Fortune
U.S. economist Milton Friedman proposed a "throw the cash from a helicopter" view, while the practic
- Fiscal Consolidation Should no Longer Delay
British Chancellor of the Exchequer George Osborne today announced fiscal consolidation policy, shoc
Most viewed articles in this category:
- Common Financial Problems to Avoid
One must first change their habits and not procrastinate. American Consultants Inc at offers key fi
- How a Bad Hire Can Hurt Your Business
What's worse - hiring the wrong person or not hiring anyone at all? Companies can become almost des
- Joel Comm Is Dr. Adsense
What is Adsense? If you are new to making money online and net marketing, you may not know what Ads
- 5 Steps For A Dynamic Wealth System Online
Recipe: Opportunity + knowledge + Dynamic Wealth System + Your Action = Massive Success!!! Step 1
- How To Stop Foreclosure
Losing your house to a foreclosure can be very scary. There are times when circumstances are ou
- How to Always Pitch A Strike
As business owners, we are always working on new ways to convince people to become customers, client
- Membrane Diffuser Solutions for Wastewater Treatment Systems
In the aeration basin of a typical wastewater treatment plant there are both organic and inorganic m
- Another Year Hating Your Job or Loving Life?
Copyright © 2007 Mary Foley I've come to the conclusion that to be successful - really successf
- Dyestuff Industry In India And China
World demand for dyes and organic pigments to touch $10.6 billion in 2008According to a study on dye
- Cma-cgm Case : the Series of Lawsuits Continues in Syria, Lebanon, Egypt, France, England and the United States
Damietta company case : The series of lawsuits continues in Syria, Lebanon, Egypt, France, England a